All the .NET 3.5 exams have been out for some time. However, the page for 70-505 says that it will not be available until Jan 09. 70-563, which is dependant on 70-505, is due out in December this year. What's up?
The main reason is that initially, 70-505 was not planned to be completed but later was added to the list of exams for .NET 3.5. This reason, along with a few others that are not important to this discussion, have resulted in this exam starting late. This means that it will release late.